Retirement: Rental income and Social Security benefits

by michael nupuf
(oswego,new york, USA)

Is rental income included in earnings towards the $12,900 limit to receive full Social Security benefits?

My medical corporation pays me rent for the use of rooms within my house for the business. Does this rent count toward the income limit or is separate?

Thank you. Sincerely, Michael

Wendy: Social Security counts earnings, not withdrawals from retirement accounts, etc. What I'm not sure about is self-employment...

Unfortunately, I can't answer your question and you might need to contact Social Security for the answer.

1-800-772-1213 is the nationwide number for Social Security.

Here is the http://ssa.gov/pubs/10069.html" target="_blank">Social Security page that might help you... Go half way down the page to see what income counts.

Best Wishes!

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Social Security: spousal benefits

63 year old still working, wife of same age has been mostly a homemaker so does not have enough quarters to retire on her number... can she retire on my number even though i continue to work. we have been married 42 years and are from weimar, texas

Wendy: Your wife is entitled to l/2 of your benefit at "normal retirement age". If she starts earlier, at age 63 for example, she'd lose part of the benefit (approximately 65% at age 63).

Call the 1-800-772-1213 Social Security number and set up an appointment at their office. When you get there they will have your file ready... so there is no wait. Ask them what she'd get now compared to waiting a few years for her full 50% benefit at age 66... and then either apply for the benefit, or wait a bit longer to get the higher lifetime benefit.

One thing to consider... do you NEED it now?
What is her family life expectancy? If her parents lived to their mid-80s or beyond, she might want to wait for the full benefit as she'd draw that payment for 20+ years.

This is the Social Security website page, if you want to read more!

Best wishes!

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Social Security COLA to be announced Soon

As many retirees recall well, the Social Security COLA is the annual Cost Of Living Adjustment. Last year, the COLA was 0%. Said another way, there was no COLA. This occurred because the government determined there was no inflation. The COLA is determined based on the level of inflation.

Many experts predict there will once again be no COLA this year - as inflation has stayed away. What do you think will happen?

Stay tuned, the answer should be available in October.

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